I am 66 and am retiring next year.I want to open a SMSF account.My income will be from interest on term deposits and was wondering if the interest is tax free.I do understand that the account has to ATO complient and meet the requirement for Exempt Current Pension Income?
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If you start pension account in your super, the tax on income generated in pension account, interest or any other, is tax free. Same rules apply to all superfunds not just SMSF.
It is strongly recommended to seek advice from a licenced financial planner to check if starting a SMSF is right decision for you.